Establishes the National Water Commission as an independent statutory body to: assess the implementation and promotion of the objectives and outcomes of the National Water Initiative Intergovernmental Agreement; and advise the Commonwealth on financial assistance to be provided under the Australian Water Fund. Also contains a regulation-making power.

to: clarify the operation of the consolidation regime and the interaction of the regime with other areas of the tax law; and alleviate unintended tax consequences that arise as a result of the transfer of life insurance business;

Income Tax Assessment Act 1997

,

Income Tax (Transitional Provisions) Act 1997

and

Taxation Administration Act 1953

to ensure that: copyright collecting societies are not taxed on copyright income they collect on behalf of members; and non-copyright income under prescribed limits is tax exempt;

Income Tax Assessment Act 1936

,

Income Tax Assessment Act 1997

,

Taxation Administration Act 1953

and

Taxation Laws Amendment Act (No. 8) 2003

to: further implement the simplified imputation system, including anti-avoidance rules in relation to exempt entities that are eligible for a refund of imputation credits; and to replace and update certain references and terminology; and

Income Tax Assessment Act 1997

to: include government special schools, certain fire and emergency service bodies and certain other entities as specifically-listed deductible gift recipients; extend an existing transitional rule in the debt/equity rules for at-call loans to 30 June 2005; give irrigation water providers and rural land irrigation water providers access to the water facilities and landcare tax concessions; enable an administrator (in addition to a liquidator) to declare worthless shares and other equity interests for capital gains tax purposes; and amend the application of the first child tax offset provisions in relation to adoptive parents;

Fringe Benefits Tax Assessment Act 1986

to extend the fringe benefits tax exemption to costs associated with purchase of a dwelling as a result of relocation;

A New Tax System (Goods and Services Tax) Act 1999

to ensure the same GST treatment of property-related services to non-residents and residents; and

to: ensure that residents of serviced apartments in retirement villages receive GST-free supplies of accommodation and care services; and ensure that charities that operate retirement villages are able to supply GST-free accommodation, accommodation related services and meals to residents. Also contains application provisions.

to: allow certain small businesses and non-profit bodies the option to report and pay the goods and services tax (GST) on an annual basis; allow small businesses to undertake annual apportionment of input tax credits for certain acquisitions and importations used for partly creditable purposes; and remove the requirement for an entity to make an annual election to continue with the option to pay GST by instalments. Also contains application provisions.

to remove the superannuation guarantee (SG) reporting requirement, for employers to report employer superannuation contributions to employees, from the SG arrangements. Also contains an application provision.

to allow (in addition to the current arrangements) for more than one industry organisation representing live-stock exporters to be determined as a marketing body and as a research body for the purpose of receiving revenue derived from compulsory levies and charges. Also makes technical corrections to the

to expand and clarify the circumstances in which the Australian Security Intelligence Organisation can furnish security assessments for the States and Territories in relation to ammonium nitrate and other hazardous materials to which access is controlled or limited on security grounds.